GCP Asset Backed Income Fund Ltd. · LSE:GABI
GCP Asset Backed Income Fund — VT Gravis UK Infrastructure Income Fund — Investor Presentation (March 2024)
34 slides from GCP Asset Backed Income Fund's investor presentation, March 2024
Slide 1: VT Gravis UK Infrastructure Income Fund March 2024
GRAVIS _ UK | so INFRA — VT GRAVIS UK INFRASTRUCTURE INCOME FUND MARCH 2024 Gravis $5?
Slide 2: Contents
CONTENTS 3 Introduction to Infrastructure 7 Introduction to the Fund 11 Fund Characteristics 17 Appendix GRAVIS UK INFRA
Slide 3: Introduction to Infrastructure
INTRODUCTION TO INFRASTRUCTURE Gravis
Slide 4: What is Infrastructure?
WHAT IS INFRASTRUCTURE? Infrastructure assets provide the services and facilities necessary for a society and economy to function successfully. They range from small single assets such as GP surgeries to projects as complex as Crossrail. go00 a 00) 0000 )00 ooo oo) o000)o0 F 3 oo] oro joo s| [1 |e A
Slide 5: Key Investible Areas in Infrastructure Sector
KEY INVESTIBLE AREAS IN INFRASTRUCTURE SECTOR Operational & cash generative infrastructure assets such as student accommodation buildings, power networks, transport, renewable energy sources, schools and hospitals oooo >) 00) 0000 )00 00) 0000)00 00) O70 {oo Investment uk ———— ——— company ———— INFRA
Slide 6: Investment Examples
INVESTMENT EXAMPLES Market Cap - £3.4bn IPO Date — June 2014 At RENEWABLES INFRASTRUCTURE GROUP. Market Cap — £2.7bn IPO Date — July 2013 Bluefield | Solar Income Fund Market Cap— £703.2m IPO Date — July 2013 Data as at 30 November 2023. GRAVIS UK INFRA = Gresham House Specialist asset management Ma
Slide 7: Introduction to the Fund
INTRODUCTION TO THE FUND Gravis
Slide 8: VT Gravis UK Infrastructure Income Fund
VT GRAVIS UK INFRASTRUCTURE INCOME FUND Key Information + The Fund is a UK UCITS V open ended investment company investing in the UK listed infrastructure sector Designed to give regular income, preserve capital and protect against inflation + Comprised of UK Listed Equities, Bonds and Closed Ended
Slide 9: Investment Philosophy
INVESTMENT PHILOSOPHY ACTIVE FUND MANAGEMENT CONSTRUCTION & COST Ensure diversification AWARENESS, across the UK listed infrastructure sector Seeks opportunities to minimise the entry price RISK MANAGEMENT Risk is mitigated by focusing on operational and availability-based assets Le _—— INVESTOR OUT
Slide 10: Risk & Volatility in the UK Infrastructure Sector
RISK & VOLATILITY IN THE UK INFRASTRUCTURE SECTOR GRAVIS UK INFRA Availability Regulated Demand Market Health Education Power Ba Emergency services Energy distribution Council buildings Wastewater @ g Renewable energy D> < @ @ 2 g Toll roads De-regulated utilities ~ Rail Infrastructure equities Port
Slide 11: Fund Characteristics
FUND CHARACTERISTICS Gravis
Slide 12: Fund performance vs MSCI UK
200 MSCI UK VT Gravis UK Infrastructure Income C Acc 160 120 80 Jan 16 Dec 16 Nov 17 Oct 18 Sep 19 Aug 20 Jul 21 Jun 22 May 23
Slide 13: Dividends
DIVIDENDS Quarterly since inception - 31 December 2023. Dividends declared net of charges for C GBP Income share class =™Q2 =Q3 Q4 ie} 1 2 3 4 5 6 7 Past performance is not necessarily a guide to future performance. The Fund launched on 25 January 2016. Data as at Si December 2023, Published dividen
Slide 14: Fund vs indices performance
35% 30% 25% 20% 15% 10% 5% 0% Jan 16 Mar 17 May 18 Jul 19 Sep 20 Nov 21 Jan 23 Fund MSCI UK MSCI World MSCI World Infrastructure UK 10 Yr Gilts
Slide 15: Fund Performance
FUND PERFORMANCE Fund performance vs. a selection of indices during greatest drawdown period for those indices. Review period 25 January 2016 to 29 February 2024. 50% 40% 30% 20% 10% 17/01/2020 — 23/03/2020 20/02/2020 — 16/03/2020 20/02/2020 — 23/03/2020 12/08/2016 0% -10% -20% -30% -40% Past perfor
Slide 16: Portfolio Snapshot
PORTFOLIO SNAPSHOT Portfolio as at 29 February 2024. Company Sequoia Economic Infrastructure Fund Ltd Greencoat UK WIND PLC Renewables Infrastructure Group Limited HICL Infrastructure Fund Limited John Laing Environmental Assets Group Limited GCP Infrastructure Investments Ltd National Grid PLC GCP
Slide 17: Appendix
APPENDIX Gravis
Slide 18: Fund Investment Team
FUND INVESTMENT TEAM William Argent, CFA - Fund Adviser Will is a Fund Manager at Gravis having joined the company in 2017. He is the adviser to the VT Gravis UK Infrastructure Income Fund and VT Gravis Clean Energy Income Fund. Will has 18 years’ experience working as a buyside analyst and portfoli
Slide 19: Independent Ratings
INDEPENDENT RATINGS wile Rayner Spencer Mills Research KRY RSMR include the VT Gravis UK Infrastructure Income Fund on their research platform ep ES Dynamic Planner, Distribution Technology Based on analysis by DT looking at asset allocation and historical performance of the Fund, the VT Gravis UK I
Slide 20: Gravis Responsible Investment Approach
GRAVIS RESPONSIBLE INVESTMENT APPROACH We believe that integrating ESG considerations into investment management processes can help to create more successful and sustainable businesses over the long-term and generate enhanced value for our clients and society at large. Gravis Responsible Investment
Slide 21: ESG Disclosures
ESG DISCLOSURES SastamaityDcdoare Environ pe = Governance Ts co a Yeo oe ‘0% 100% SEE = te | woe | oe we ‘E Yeo Wa Porter 50% ‘on too% ‘= wean) So wa wa ere oe | be | toe ‘eo erg ee vA wa fx | tom | too : TAT | propose wa wa ce | bm | toe ie Wa ve vA ee sx | won | ‘soe vege ne WA ‘ we oa Se | oe | s
Slide 22: Key Terms
KEY TERMS 7) Sustainability targets SFDR PRI TASK FORCE x 444 Enabling/ producing renewable energy GRAVIS UK INFRA The implementation of sustainability targets to provide a framework for ESG activities. These targets can includea commitment to the provision of renewable energy, a focus on providing
Slide 23: Project Finance Model in Operation
PROJECT FINANCE MODEL IN OPERATION Finance ea Debt 4 GRAVIS UK INFRA + Subsidies Regular and long dated payments such as: * Contracted payments Special purpose vehicle established with the specific purpose of segregating and handling cash flows Capital in | Construction of asset goo00 ag ag oo goo00
Slide 24: Project Finance Cashflows
PROJECT FINANCE CASHFLOWS Uses of unitary payments arising from UK Infrastructure Project 250 200 3 150 = 6 Operations and Maintenance OQ 100 + = Debt m Equity 50 5 o- 16 17 18 19 20 21 22 23 24 25 1:2 3 4 5 6 7 8 9 10 1 12 18 14 15 Years Unitary payments service the cost of operations and maintenan
Slide 25: Depth of Projects within One Fund
DEPTH OF PROJECTS WITHIN ONE FUND Each closed ended fund owns or invests in multiple Special Purpose Vehicles GRAVIS UK INFRA Greencoat UK 35 projects 25
Slide 26: Depth of Projects within the Fund - Sample
DEPTH OF PROJECTS WITHIN THE FUND - SAMPLE The Fund invests in multiple closed ended funds, which own or invest in a diversified pool of SPV’s Multiple individual projects/assets GCP Infra HICL Bluefield Greencoat Primary Health 3i Renewables JLEN Environmental 50 projects M8 projects Solar UK Prope
Slide 27: Correlation Comparison January 2016 - February 2024
CORRELATION COMPARISON 25 January 2016 — 29 February 2024 The VT Gravis UK Infrastructure Income Fund is less volatile, as it sits in more of a bond or alternatives bucket. Comparison Correlation Return Volatility VT Gravis UK Infrastructure Income Fund - 28.6% 10.1% 6.0% MSCI UK 0.39 78.5% 16.0% 3.
Slide 28: Valuations & Premiums
VALUATIONS & PREMIUMS Company Name NAV Premium/Discount 3l Infrastructure PLC 335 3514 -4.67% Assura PLC 41.58 514 19.1% BBGI Global Infrastructure S.A 123.2 147.8 -16.64% Bluefield Solar Income Fund Ltd 105 135.95 -22.71% Cordiant Digital Infrastructure Ltd n N27 -37.00% Digital 9 Infrastructure 77
Slide 29: Key Terms
KEY TERMS Fund Size Dividend Yield (Inc) Asat 31 December 2023 Inflation Protection Share Classes Minimum Investment AMC OCF* Synthetic OCF** Launch Price Valuation and trading Investment Association Sector Holdings Number of holdings Distribution Dates EISINs & SEDOLs £586.83m (as at 29 February 20
Slide 30: Investment and Distribution
INVESTMENT AND DISTRIBUTION Investment Manager Valu-Trac Investment Management Ltd. i. Valu-Trac Investment Management Limited was established as an authorised investment manager in 1989. ii. Valu-Trac Investment Management Limited launched Valu-Trac Administration Services in 2010, to provide Autho
Slide 31: Platforms & Wrappers
PLATFORMS & WRAPPERS Available on the following platforms: 7IM Aegon AJ Bell Allfunds Alliance Trust Amber Ascentric Aviva Axa Elevate Canada Life (Dublin)* Cofunds FNZ Fidelity Funds Network Fusion Hargreaves Lansdown Hubwise Interactive Investor James Hay Moventum * Offshore bond wrappers GRAVIS U
Slide 32: Contact Information
CONTACT INFORMATION Investment Manager and Dealing == Valu-Trac Investment Management Limited Valu-Trac Dealing = 01343 880217 01343 880344 UKinfrastructure@valu-trac.com Ukinfrastructure@valu-trac.com Investment Adviser Will Argent. Fund Adviser 020 2405 8552 william.argent@graviscapital.com Shayan
Slide 33: Important Notice
IMPORTANT NOTICE Warning The information in this Report is presented by Valu-Trac using all reasonable skill, care and diligence and has been obtained from or is based on third party sources believed to be reliable but is not guaranteed as to its accuracy, completeness or timeliness, nor is it a com
Slide 34: Gravis
Gravis INVESTMENT IDEAS FOR THE LONG RUN
VT Gravis UK Infrastructure Income Fund — Investor Presentation (March 2024) on 6ix